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China Turns to Long Bonds
Chinese investors are turning to long-term government bond ETFs for a safe haven as domestic stocks decline. Two funds investing in 30-year bonds attracted net inflows of 13.8 billion yuan ($2.1 billion) in October. The Pengyang ChinaBond fund has gained 57% since the start of the second half of the year, while the Bosera SSE fund is up 68%. Analysts expect further gains that could push the yield on 30-year bonds to around 2%. Bond prices have recently fallen, however, amid concerns about whether Zhuhai Huafa Group, owned by the local government, can repay its debt—and about the resulting redemption pressure and risks to fund liquidity.
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